The number of jobless claims in the US continues to rise, growing by 25,000 in the week to 25 July. Unemployment remains a significant drag on the US economy, with the official rate looking likely to top 9.5%. The recent rise in unemployment is largely due to a number of auto-plant shutdowns in the US.

Last week Ben Bernanke claimed that the US economy is in the early stages of recovery, yet such figures have dented risk appetite in the market. US foreign exchange rates are currently exchanging at GBP0.6064 and EUR0.7110.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.